One of the most nerve wrecking moments in your professional life is trying to muster enough confidence to formally ask your boss for a raise. This difficulty is compounded exponentially based on your working relationship with your boss. Hopefully, you have an excellent working relationship with your superior that will allow you to start friendly negotiations on what you think would be a favorable raise. You have to remember that everyone in the company wants to make more money and feels that they should be awarded a higher percentage when they go for their annual performance review.
The first thing that you are going to need to do is to think of a strategy that will help you approach your performance manager to initiate the opening conversation about discussing a salary increase. You can set up a formal meeting with your manager by sending a calendar invite to discuss this issue with them at their office or if you feel it would be better to be informal then just start the conversation over lunch. You know your own situation better than anyone.
The second most important thing is that you need to build up your case on why you deserve a raise. Have a list of project success stories at hand to demonstrate your value to the organization. You also need to compare your current salary with other comparable professionals in your industry and discover where you rank on the scale. If you rank at the lower spectrum of the salary scale then you have a great case that you can build. If you are on the higher end of the spectrum then the company is paying you a very good salary and this would diminish your probability in getting a raise.
You need to have done all the research that is necessary to be prepared to give the reasons why you deserve a raise. One of the biggest mistakes that employees do often in this scenario is that they pressure their bosses into thinking that will leave the company, if they are not awarded a raise. Employers do not like to be forced into a position where they need to make a salary decision on a resource that is currently working for them. You have to go about this situation strategically, calmly, and honestly. Open up friendly negations between you and the company to demonstrate your professionalism. Hopefully, they will tell you that you deserve a raise and they will note this recommendation on your performance review. The other thing that may happen is that your employer may tell you what you need to do in order to get a higher salary.